ATLANTA, GA – TerraCap Management, a privately held investment firm based out of Estero, Florida, announced the sale of The Crossings at Holcomb Bridge Apartments. TerraCap bought the 268-unit apartment complex for $27.3 million in September 2017 as part of a four-property, 1,100-unit multifamily portfolio buy totaling $116,000,000. Since acquisition, TerraCap’s combined strategy of property upgrades, organic rent growth, and unit renovations caused a significant increase in rental rates at the 1984 vintage property.
Robert Witt, TerraCap Asset Manager, said “When we bought the Holcomb property, we saw the opportunity to capitalize on a well-located asset with strong demographics, access to public transit, and in-place rents that were well below the competitive properties. We executed a capital plot to update the exteriors, renovate unit interiors, and improve the quality of onsite management. The physical and operational improvements generated a 33% increase in the monthly rents from $787 to $1,046 over three years. The buyer will take over a property where they can expand on the strong growth fundamentals that are currently in place.”
The property is located in the northern Atlanta suburb of Roswell. The North Fulton submarket is one of the most desirable housing submarkets in Atlanta and rent growth has outpaced the metro average in recent years. TerraCap hired First Communities Management as the property manager because of their deep experience in executing value-add multifamily strategies across the Atlanta Market.
“We are pleased to see the North Atlanta Holcomb Apartments business plot reach an outcome that exceeded our expectations,” said Steve Hagenbuckle, Founding Partner and Managing Director for TerraCap. “Our conviction towards investing in high demand, financially healthy markets that see outsized employment growth and in-migration continues, and remains a safe choice for us and our investors. The TerraCap asset management team and our local business partners need to be commended for their outstanding execution of this investment.”
David Gutting of NGKF in Atlanta represented TerraCap on the sale. First Communities Management led by Mitch Harrison, Jon Nixon, and Ed Romano represented TerraCap on the property management.

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ATLANTA, GA – Preferred Apartment Communities announced that it closed on a loan investment of up to approximately $20.7 million in connection with Terwilliger Pappas’ plans to develop Solis Cumming Town Center, a 320-unit, mid-rise surface parked Class A multifamily community located in the high-growth GA-400 corridor of Forsyth County, a rapidly expanding, affluent suburb in the Atlanta, Georgia MSA. Delivery of first units is expected in second quarter 2022.
Jeff Sherman, the Company’s President of Multifamily said, “This development is not only proximate to the North Fultonand Perimeter office markets, but is also within two miles of Cumming City Center.” Mr. Sherman added, “We are thrilled to be investing in Solis Cumming Town Center and continue to believe that Sunbelt suburban nodes will see healthy and sustained growth over the next decade, as we recover from the impacts of the COVID-19 pandemic.” This marks PAC’s fourth investment with Terwilliger Pappas, a preeminent Sunbelt multifamily developer, and provides PAC with a compelling opportunity to invest in, and have certain rights to buy, Solis Cumming Town Center.
Joel T. Murphy, the Company’s President and Chief Executive Officer said, “Our real estate loan investment program in multifamily continues to be an accretive avenue for capital deployment for the Company. This strategy has historically been a profitable and strategic differentiator for us and we expect that to continue in the future. This is another example of our ability to generate healthy risk adjusted returns in the current climate while also providing us an attractive acquisition pipeline for Class A multifamily communities in the Sunbelt.”

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HOUSTON, TX – Wood Partners, a national leader in multi-family real estate development, announced the grand opening of its newest luxury residential community – Alta Med Main – in Houston, Texas. The four-tale community features 338 units comprised of one- and two-bedroom apartment homes. Leasing is currently underway and first go-ins started in early September.
Located in the Texas Medical Center, a small distance from Downtown Houston, Alta Med Main offers residents simple access to major employment centers in the area, including Texas Medical Center, Rice University, and Downtown. NRG Stadium, the Museum District, the Houston Zoo and Hermann Park are also nearby.
“We are excited to welcome residents from across the Houston area to this market-leading community,” said Bart Barrett, Managing Director at Wood Partners. “Alta Med Main gives residents unequaled luxury in the midst of the largest medical city in the world. This fantastic location provides everything our residents need right around the corner.”
The new community is conveniently located just north of Interstate 610, and within minutes of both the NRG Park/Astrodome and Fannin South Transit Stations, giving residents simple access to transportation that connects across the Houston megaregion. There is a wide variety of retail and grocery options in the neighborhood, including Target, Walmart, Costco and Kroger.
In addition to luxurious apartments, the community offers state-of-the-art amenities for residents to delight in outside of their homes. These include a clubroom, sky lounge with kitchen area, business center with reserve-able micro-offices, a conference room, and a 24/7 fitness center with a virtual fitness studio. The community also boasts two courtyards that include a resort-style pool with sun deck, a tranquility space and entertaining areas, as well as a dog park with a pet washing station. Residents will also have access to a Luxor package room, enabling stress-free package pickup.

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